PredictAP, Inc., the leading AI-poweredinvoice coding solutiondesigned specifically for the real estate industry, announced today a successful go live with Miami-basedRelated Group, a leading real estate development company with properties across the United States and Latin America.
Implementing PredictAP will improve accounts payable (AP) efficiency, while also playing a key role in employee and knowledge retention, both pain points for the real estate industry.
“When someone familiar with our coding and process leaves, it’s very disruptive,” said Marcos Marti, vice president of technology at Related Group. “Learning our AP operations happens over time, and onboarding someone new can take a few months before they’re really comfortable with our coding,” he said. “PredictAP helps us capture and preserve the ‘tribal knowledge’ around invoice coding so it’s living in our systems instead of someone’s memory. It makes turnover less disruptive, and makes it much easier for someone new to get up to speed.”
The complexity of invoice coding has made it hard for real estate companies to streamline and automate. Manually coding invoices in house is a time-consuming and error-prone process. While outsourced indexing solutions exist, they are limited to capturing invoice header data, leaving the in-house AP team to complete the line item details and fully code each invoice. PredictAP’s AI-powered solution delivers fully coded invoices, integrated with a company’s existing AP automation system and prior invoice history.
“Our mission is to make the AP specialist’s life better by getting them out of the data entry business and freeing up their time to focus on higher value tasks,” said PredictAP President and Co-founder Russell Franks. “AP inefficiency is a massive resource drain for our customers, and they want to enable their existing teams to handle a growing volume of invoices without the arduous and needless data entry.”
ABOUT RELATED GROUP
Since 1979, Related Group has enhanced skylines with iconic developments characterized by innovative design, enduring quality and inclusive living. Through groundbreaking partnerships with world-renowned architects, designers and artists, Related has redefined urban environments on a global scale, fostering distinctive, dynamic communities and symbolic landmarks that have become sources of local pride. To date, Related has built and managed more than 100,000 condominium and apartment residences that are meticulously designed with finishes and amenities that transform buildings into vibrant residential environments. Related doesn’t just create neighborhoods…it builds legacies.
PredictAP automates the ingestion, indexing, and coding of invoices for real estate companies, using machine learning. Unlike OCR and indexing services, PredictAP provides fully coded invoices, ready to flow through existing AP automation workflows. When paired with industry-leading AP automation solutions, PredictAP delivers massive cost savings and productivity growth. Founded in 2020 by a team of real estate, accounting tech, and artificial intelligence industry alumni, PredictAP is based in Boston, Massachusetts.